EARNINGS ROUNDUP

Nordstrom cuts forecast for 2008

The company lowered its fiscal 2008 earnings range and said it would cut operating expenses to lessen the effect of lower sales.

First-quarter profit was $119 million, or 54 cents a share, compared with $157 million, or 60 cents, a year earlier.

Analysts, on average, had been expecting earnings of 48 cents a share, according to Reuters Estimates.

As previously announced, first-quarter sales fell nearly 4% to $1.88 billion, and sales at stores open at least a year, a key gauge of retail performance, fell 6.5%.

In recent months, Seattle-based Nordstrom has noted weakness in the women's apparel category and in California, which accounts for nearly one-third of its sales. The retailer has posted declines in same-store sales for the last five months.

Nordstrom now expects fiscal 2008 earnings of $2.65 to $2.80 from an earlier forecast of $2.75 to $2.90.

For the second quarter, Nordstrom expects earnings of 65 cents to 70 cents, based on same-store sales declining 5% to 7%, compared with average analyst expectations of 68 cents.

The company's shares rose about 2% to $38.10 in extended trading after rising $1.15 to $37.29 during the regular session.